The U.S. Senate on Wednesday voted 53-47 to block the Stop Insider Trading Act, a bill sponsored by Republican Sen. Pete Ricketts of Nebraska that would have restricted members of Congress from buying new stocks of publicly traded companies, according to The Hill and the Washington Examiner. The vote fell short of the 60 votes needed to overcome a Senate filibuster.
No Democrats voted for the bill, with Democratic senators arguing the legislation did not go far enough to address potential corruption, according to The Hill. Republican-leaning outlets reported that Senate Democrats objected to a voter ID requirement, borrowed from the SAVE Act, that had been added to the bill, calling it a "poison pill," per the Washington Examiner.
According to Fox News, Senate Majority Leader Chuck Schumer described the combined bill as "trickery" and "skullduggery" in opposing it (single-source claim). CNBC described the measure as a "toothless" stock trading ban and noted it was blocked alongside a data center bill in the Senate's last action before an election recess.
Left-leaning outlets, including CBS News and CNN, reported that Senate Democrats blocked the bill specifically citing the voter ID provision attached to it. The Daily Caller reported that critics said the bill did not go far enough to actually stop lawmakers from trading stocks, noting that lawmakers would still be able to keep their current stocks.
How each side covered it
Left
- CBS News and CNN reported Senate Democrats blocked the bill citing the voter ID provision.
- Coverage focused on the combination of stock trading restrictions and new voter ID requirements in the bill.
“Senate Democrats block bill to restrict lawmaker stock trading and impose new voter ID requirements” — CNN
Center
- The Hill reported the bill, sponsored by Sen. Pete Ricketts, failed 53-47 with no Democratic votes.
- The Hill reported Democrats argued the bill did not go far enough to crack down on possible corruption.
- CNBC described the measure as a "toothless" stock trading ban blocked alongside a data center bill before a recess.
“Senate Democrats on Wednesday blocked a bill sponsored by vulnerable GOP incumbent Pete Ricketts (Neb.) to restrict members of Congress from buying new stocks of publicly traded companies, arguing the legislation didn’t go far enough to crack down on possible corruption.” — The Hill
Right
- Fox News reported Chuck Schumer called the bill "trickery" and "skullduggery."
- The Washington Examiner reported Democrats used the filibuster to block the bill over a voter ID "poison pill" borrowed from the SAVE Act.
- The Daily Caller reported critics said the bill did not go far enough, since lawmakers would still keep their current stocks.
“Schumer tanks popular insider trading ban in Dem effort to derail Republican's agenda ahead of midterms” — Fox News
Questions readers ask
What happened with the Senate stock trading bill?
The U.S. Senate voted 53-47 on Wednesday to block the Stop Insider Trading Act, a bill sponsored by Republican Sen. Pete Ricketts that would have restricted members of Congress from buying new stocks, falling short of the 60 votes needed to pass.
Why did Senate Democrats block the bill?
Left-leaning and right-leaning outlets reported Senate Democrats objected to a voter ID requirement attached to the bill, while The Hill reported Democrats argued the legislation did not go far enough to address potential corruption.
Did the bill have bipartisan support?
According to The Hill, no Democrats voted for the bill, meaning it failed along party lines despite being framed by some right-leaning outlets as a "popular" measure.
What did left- and right-leaning outlets focus on differently?
Left-leaning outlets emphasized that Democrats cited the voter ID provision as their reason for blocking the bill, while right-leaning outlets emphasized Chuck Schumer's role and framed the move as Democrats derailing a stock trading ban ahead of the midterms.
What else was voted on at the same time?
According to CNBC, the Senate also blocked a data center bill in what was described as its last legislative action before an election recess.
Sources · 15 outlet reports
- CBS NewsLeft-leaningSenate Democrats block bill to limit lawmakers' stock trades
- CNNLeft-leaningSenate Democrats block bill to restrict lawmaker stock trading and impose new voter ID requirements
- CNBCCenterSenate expected to vote on stock trading ban, data center bill before election recess
- ForbesCenterLawmaker Stock-Trading Ban Fails Senate
- ReutersCenterBill to limit stock trading in US Congress blocked in Senate
- The HillCenterLive updates: Senate sets up stock trading, data center votes; trade court hears Trump tariffs case
- Deseret NewsRight-leaningSenate Democrats block bill seeking to ban lawmakers from trading stocks
- Fox NewsRight-leaningSchumer tanks popular insider trading ban in Dem effort to derail Republican's agenda ahead of midterms
- Just the NewsRight-leaningSenate Dems block ban on congressional stock trading
- New York PostRight-leaningBill to limit stock trading in Congress is blocked by Senate Democrats
- The Daily CallerRight-leaningSenate Votes Down Stock Trading Ban That Critics Say Doesn’t Go Far Enough
- The Daily SignalRight-leaningSenate Democrats Block Stop Insider Trading Act in 53-47 Vote
- The Washington TimesRight-leaningDemocrats block congressional stock-buying ban, objecting to attached voter ID provision
- TownhallRight-leaningDemocrats Vote Against Stock Trading and Vote ID Motion – Here's Why
- Washington ExaminerRight-leaningJohn Thune tees up doomed votes on data centers and stock trading